Good Faith Purchaser - Law Dictionary Search Results
Home Dictionary Name: good faith purchasergood faith purchaser
good faith purchaser : a purchaser who gives value for an asset in good faith and without knowledge of adverse claims called also good faith purchaser for value ...
good faith
good faith [translation of Latin bona fides] : honesty, fairness, and lawfulness of purpose : absence of any intent to defraud, act maliciously, or take unfair advantage [filed the suit in good faith] [negotiating in good faith] see also good faith exception, good faith purchaser compare bad faith NOTE: The meaning of good faith, though always based on honesty, may vary depending on the specific context in which it is used. A person is said to buy in good faith when he or she holds an honest belief in his or her right or title to the property and has no knowledge or reason to know of any defect in the title. In section 1-201 of the Uniform Commercial Code good faith is defined generally as “honesty in fact in the conduct or transaction concerned.” Article 2 of the U.C.C. says “good faith in the case of a merchant means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.” Similarly, Article 3 on negotiable inst...
Purchaser
Purchaser, a buyer, a vendee; also the root of descent, from whom, under the (English) Inheritance Act, 1833, the descent was in every case to be traced, before 1926, and now, as to a limitation to the heir taking effect as purchaser (see previous title, and (English) L.P. Act, 1925, s. 132).The statute enacts that in every case descent shall be traced from the purchaser; and to the intent that the pedigree may never be carried further back than the circumstances of the case and the nature of the title shall require, the person last entitled to the land (which expression extends to the last person who had a right thereto, whether he did or did not obtain the possession or the receipt of the rents and profits thereof (s. 1)), is, for the purposes of the Act, to be considered to have been the purchaser thereof, unless it shall be proved that he inherited the same, in which case the person from whom be inherited the same shall be considered to have been the purchaser, unless it shall be p...
bona fide purchaser
bona fide purchaser : a purchaser who purchases in good faith without notice of any defect in title and for a valuable consideration called also bona fide purchaser for value NOTE: There are particular requirements for a bona fide purchaser of a security set out in Uniform Commercial Code section 8-302. Under this section a bona fide purchaser is one who buys a security in good faith and without notice of any adverse claims and who takes delivery of a certificated security either as a bearer security or as a registered security issued to him or her or endorsed to him or her or by a blank endorsement or to whom the transfer of an uncertificated security is registered on the books of the issuer, or as otherwise provided in section 8-313. ...
Earnest
Earnest [fr. eornest, Sax.], the sum paid by the buyer of goods in order to bind the seller to the terms of the agreement. It is enacted by the 4th s. of the Sale of Goods Act, 1893, re-enacting, but not quite in the same words, the 17th section of the Statute of Frauds, 29 Car. 2, c. 3, that 'a contract for the sale of any goods, for the price of 10l. or upwards, shall not be enforceable by action, unless the buyer accept part of the goods or give something in earnest to bind the contract, or in part payment,' or some note in writing of the bargain be made and signed by the parties to be charged or their agents.As to what amount is sufficient earnest, Blackstone lays it down (Bk. II. p. 447) that 'if any part of the price is paid down, if it be but a penny, or any portion of the goods is delivered by way of earnest,' it is binding. To constitute earnest the thing must be given as a token of ratification of the contract, and it should be expressly stated so by the giver.The following p...
innocent purchaser
innocent purchaser : one who purchases property for consideration in good faith and without knowledge of facts that would lead to the suspicion that the seller does not have good title ...
resale
resale : the act or an instance of selling again ;specif : the selling of goods again by the same seller by right and after a breach by the original buyer [a purchaser who buys in good faith at a takes the goods free of any rights of the original buyer "Uniform Commercial Code"] re·sal·able [rē-sā-lə-bəl] adj ...
Equitable mortgage
Equitable mortgage, a mortgage under which the mortgagee does not get the legal estate. The following mortgages are equitable:-(1) Where the subject of a mortgage is trust property, which security is effected either by a formal deed or a written memorandum, notice being given to the trustees in order to preserve the priority. As a rule these mortgages include mortgages (not being mortgages of a legal estate) under a trust for sale or settlement which are not registrable under the (English) L.C. Act, 1925, s. 10, Class C.(2) Where the subject of the mortgage is an equity of redemption, which is merely a right to bring an action in the Chancery Division to redeem the estate. Now under the (English) L.P. Act, 1925, Sched. I., Parts VII. (1), (3), and VIII. (1), (3), and see ss. 85, 86, ibid., a mortgagor retains a legal estate in fee simple or for a term of years, and the first and subsequent mortgagees out of that estate each have a legal mortgage.(3) Where mortgages created before 1925 ...
Trust instrument
Trust instrument. Under the (English) Settled Land Act, 1925, s. 117 (1) (xxxi.) and s. 9, includes in relation to settled land, any instruments whereby the trusts of the settled land are declared other than a vesting instrument or vesting conveyance. By s. 4 (ibid.), the trust instrument constituting a settlement must, if made after 1925:(a) declare the trusts affecting the settled land;(b) appoint or constitute trustees of the settlement;(c) contain the power (if any) to appoint new trustees;(d) set out any intended addition to or enlargement of the statutory powers;(e) bear the proper ad valorem stamp which may be payable by virtue of the vesting deed or otherwise in respect of the settlement.And see also s. 9 as to settlements or instruments which are to be deemed to be trust instruments for the purposes of the Act, although not complying in form with the above-mentioned requirements.A purchaser for value in good faith is not affected by the contents of the trust instrument and is ...
Appointment in exercise of a Power
Appointment in exercise of a Power, In the case of freeholds an instrument which alters, abridges, or suspends a use limited by a prior assurance or trust creating the power which sanctions such appointment. In the case of appointments of uses of freeholds effected under the Statute of Uses the seisin to serve the appointed use was transferred by the prior assurance; the appointment vested the legal estate in the appointee, who took as though he were named in such prior assurance. After the 31st December, 1925, a power of appointment of land can only operate inequity, (English) Law of Property Act, 1925, s. 1(7).Powers may also be reserved over personal estate, and in that case also only the equitable estate now passes; a common instance is the power of appointment among the issue usually given by a marriage settlement, by virtue of which the parents can distribute the settled funds amongst the issue in such shares as the donees of the power think fit, and the trustees will then hold t...
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